Today, the larger crypto market is attempting to regain stability as tokens attempt to recoup their losses. BTC is trading at $55K, while ETH, which had fallen below $4K the day before, has held back to the important support level today. Other top altcoins are doing well on the charts, trading in the green.
Crypto investor Tyler Swope is disclosing his favorite altcoins as the broader crypto markets are roiled by volatility.
In a recent video, Swope tells his YouTube followers that his favorite altcoin is OlympusDAO, a decentralized reserve currency (OHM).
He claims that OHM has become one of the most diversified non-protocol token treasuries in crypto in a short period of time.
Staking APYs (annual percentage yields) are absurdly high; therefore, OHM buyers are encouraged to HODL and stake.
According to the trader, Olympus has launched a DeFi revolution, as indicated by the number of protocol forks. OHM is the most forked protocol of the year, with more forks based on its code than only three [other] projects: Bitcoin, Ethereum, and Uniswap combined. He goes on to say that this is incontrovertible proof that OHM has created something special.
Olympus has also attracted the attention of well-known investor Mark Cuban, who purchased and staked OHM in July.
According to Coingecko, OHM was trading for $727 at the time of writing, down 4.9 percent for the day.
The open protocol REN, which allows decentralized applications to access inter-blockchain liquidity, is next on Swope’s agenda (DApps). REN is an Ethereum-based token that permits the movement of bitcoin between blockchains via a protocol.
He believes the token is poised for a pump, given how low it has fallen. He expects REN will restore its spot among the top 100 cryptocurrencies, possibly even surpassing its March position. The reason for this is that REN recently announced the addition of Host-to-Host support to their protocol.
RenVM will go from supporting seven assets, mostly legacy coins like BTC and DOGE, to supporting the great majority of the thousands of tokens in the crypto ecosystem, according to a tweet by Maximilian Roszko.
He claims that REN will soon have considerable interoperability.
The price of REN is currently $0.9606, up 7.6% in the previous 24 hours.
Tyler wraps up his study with a look at Energy Web Chain (EWT), an enterprise-grade blockchain network built to fulfill the energy sector’s logistical needs. The native token of the platform, EWT, provides network security and compensates validators.
Tyler explains why EWT is a solid idea in two ways.
The validator code of conduct at Energy Web was recently updated, and it now contains a clause prohibiting apparent rent-seeking.
Validators looking for a place to reside are now unable to do so. Those who have been dumping a lot will benefit when the price rises.
Also, something big is coming to Energy Web by the end of the year: staking. Last week, they gave an early stake bonus period with an APY of nearly 21%.